|By Business Wire||
|June 12, 2014 03:02 PM EDT||
China Wanxiang Holding announced today the planned formation of a joint venture between its wholly-owned subsidiary, Puxing Energy, and NEC Corporation to pursue grid energy storage opportunities in the Chinese market. The joint venture, 51% held by Wanxiang and 49% held by NEC, is scheduled to begin initial business activities later this year. Its formation is an important element of the recently announced NEC acquisition of A123 Energy Solutions, a global leader in grid-scale energy storage systems for applications ranging from grid stabilization services like frequency response to the grid integration of renewable power sources such as wind or solar. Wanxiang and NEC recognized that the best way to prosper in China’s developing market for grid energy storage is to pursue it jointly. Initially the joint venture will focus on market development of the best applications for its technology.
“With more and more renewable energies deployed in China, in which Puxing has been actively participating, the energy storage business has been driven to the front. NEC and the former A123 Energy Solutions Group have developed leading technology and successfully executed advanced project solutions in the energy storage field worldwide. Puxing is firmly committed to building a business and technology foundation to meet the growing demand of the Chinese market in partnership with NEC,” said Weiding Lu, Chairman of China Wanxiang Holding and Chairman of Puxing Energy. “We see tremendous business opportunities in the accelerated transformation of China’s development model and its closely related energy structure, a key driver for the changing market landscape throughout the value chain of China’s power sector. By this partnership with NEC as our technology and operating platform, we are well positioned to participate in these opportunities, further leveraging Wanxiang’s financial and business resources in the marketplace.”
A123 Energy Solutions has commissioned two installations of its Grid Storage Solution (GSS™) product line in China in recent months. The first, a containerized 2MW HR (High Rate) GSS located in Beijing, performs frequency regulation and is in commercial service, operated by Ray Power Systems Co. Ltd. The second is a building-based 500kW HR GSS located in Hangzhou and is operated by Dongfang Electric Machinery Co. Ltd., to help integrate on-site renewable generation including wind and solar as well as traditional combustion generation at the site’s microgrid. China, with its growing infrastructure needs, has some of the largest public works projects in the world related to power generation and transmission, and has installed large amounts of renewable generation that could benefit greatly from the introduction of large-scale energy storage alongside traditional grid assets.
Wanxiang Group was founded by Dr. Lu Guanqiu, who is regarded as a legendary entrepreneur in China for taking $500 in start-up capital in 1969 to create a farm tool repair shop and transforming it into one of the largest non-government-owned companies in China. The company is the country’s largest automotive components manufacturer, and a conglomerate with more than $23 billion (USD) in revenue covering businesses including financial services, clean energy, agricultural products, international trading, natural resources, and other areas. For more information, visit Wanxiang at http://www.wanxiang.com.cn.
About Puxing Energy
Puxing Energy, a wholly-owned subsidiary of China Wanxiang Holding Co., was founded in 2002, in Shanghai, China, dedicated to clean energy development in China. Since its inception, Puxing Energy has built up a significant energy portfolio including natural gas power plants and wind farms. Its natural gas power generation subsidiary, Amber Energy, is listed on Hong Kong Stock Exchange (HK.0090, IPO 2009). In its fast expansion over the past decade, Puxing Energy has established strong ties with local governments, the State Grid and various financial institutions, and is ready to expand into more sophisticated areas like energy storage and smart grid, to become a full-fledged energy solution provider.
About NEC Corporation
NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world. By providing a combination of products and solutions that cross utilize the company’s experience and global resources, NEC’s advanced technologies meet the complex and ever-changing needs of its customers. NEC brings more than 100 years of expertise in technological innovation to empower people, businesses and society. For more information, visit NEC at http://www.nec.com.
NEC is a registered trademark of NEC Corporation. All Rights Reserved. Other product or service marks mentioned herein are the trademarks of their respective owners. ©2014 NEC Corporation.
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